Uzum, Uzbekistan’s largest digital ecosystem, has raised nearly $70mn in equity financing in a new funding round led by Chinese tech giant Tencent and alternative asset manager VR Capital, lifting its post-money valuation to $1.5bn.

The latest injection of capital—announced on August 5 by the company—also includes follow-on investment from FinSight Ventures, a US-based firm focused on AI, fintech and super-apps, which led Uzum’s first equity round in March 2024.

“This new round of funding empowers us to deepen our fintech offerings and expand our leadership in digital banking and lending,” said Djasur Djumaev, Uzum’s founder and CEO. “We are delighted to welcome Tencent and VR Capital as new shareholders… It’s also a vote of confidence in our strategy to integrate financial services directly within the country’s largest e-commerce infrastructure.”

Founded just two years ago, Uzum operates a suite of services that includes Uzum Market (the largest online marketplace in Uzbekistan), Uzum Tezkor (express delivery) and Uzum Bank, which has quickly become the fastest-growing bank in the country.

Uzum Bank launched a co-branded Visa debit card, with embedded pre-approved credit limits, in August last year. The bank issued over 2mn of the cards in the first half of 2025. 

Uzum’s consumer credit business, driven by its buy-now-pay-later (BNPL) offering, tripled its total financed volume over the same period.

The e-commerce arm has also maintained strong momentum, with gross merchandise value (GMV) growing by roughly 1.5 times y/y in the first half, underpinned by synergies between commerce and financial services.

“We believe Uzum represents one of the most compelling fintech and e-commerce growth stories in Central Asia,” said Alexey Garyunov, managing partner at FinSight Ventures. “The synergy across its diverse verticals has not only improved unit economics and reduced delinquency, but also lifted customer satisfaction and retention… These dynamics mirror patterns we’ve seen in other breakout super-apps globally.”

VR Capital, which manages over $8bn in assets, echoed that sentiment. 

“Uzum embodies a unique confluence of a proven business model and first-mover advantage in a structurally underserved market,” said Richard Deitz, founder and president of the firm. “It is our privilege to support Uzum’s continued growth through our investment.”

Tencent’s participation adds global weight to the round. The Chinese tech conglomerate, listed on the Hong Kong Stock Exchange, has a long track record of investing in emerging market platforms and super-apps, including WeChat, Meituan and India’s Flipkart.

Proceeds from the latest round will be used to accelerate the development of Uzum’s proprietary fintech infrastructure and broaden its product suite, with the company aiming to entrench its dominance across e-commerce, payments and consumer lending in Uzbekistan.

Uzbekistan, Central Asia’s most populous nation with 37mn people, is undergoing a sweeping digital transformation, says its government. More than half the population uses Uzum’s services each month, the company said.

Despite rapid growth in mobile usage and internet access, which is projected to exceed 87% by 2027, Uzbekistan remains underbanked, with over 40% of adults lacking access to formal financial services. 

This gap has created fertile ground for fintech-led disruption, particularly models that embed credit and payments within commerce platforms.

The country’s e-commerce sector is projected to grow at a compound annual rate of 40-47%, reaching $2.2bn by 2027, as per KPMG.